IDFC First Bank chief V Vaidyanathan gifts Rs 4.83 crore shares to his staff in cash crunch

In yet another philanthropic gesture, IDFC First Bank Ltd Managing Director and CEO V. Vaidyanathan has gifted equity shares of the bank held by him, worth about Rs 4.83 crore, to help some of its staff build their homes and other social causes.

While the billionaire banker gifted nine lakh shares held by him, another two lakh shares were disposed by Rukmani Social Welfare Trust, to support social activities, taking the total count to 11 lakh shares, according to a stock exchange announcement from IDFC First Bank. This works out to about Rs 4.83 crore at February 21 market price.

The shares were gifted away by Vaidyanathan to five people, including a driver, a trainer, a support staff and a couple of house helps.

“The recipients are personal relationships and not related to him in any manner under the definition of related parties of the Companies Act or SEBI Regulations,” IDFC First Bank said. These transactions are without consideration and “there are no direct or indirect benefits derived by Mr. V. Vaidyanathan from these transactions.”